Crude Oil Slides Again, Prices Dip 1%
Brent and WTI barrels are the latest to hit the bottom of the petrodrop spiral. Now we’re at the fourth straight day of falling for about a percent each.
Why the slide? China’s inflation surprise
- Lower‑than‑expected price pressure – In June, China’s annual inflation slowed to 0.2%, a drop from 0.3% in May.
- Manufacturing slump – June’s PMI slid to the lowest reading since 2019, even as production was still expanding.
- Seasonal dip – Monthly prices slipped by 0.2%, but that’s partly due to seasonal factors according to the National Bureau of Statistics.
All of this has re‑ignited concerns that folks around the world might be thinking “maybe the oil demand will slump too.”
Sea‑faring calm after storm
- After Tropical Storm Beryl, many Gulf Coast oil and gas terminals reopened. The pulse‑check shows they’re operational again, calming speculation that supply lines might be at risk.
U.S. inventories still fall, but machines keep running
- The API reported a 1.923‑million‑barrel drop in U.S. crude stocks for the week ending July 5—more than analysts shouted.
- That dip didn’t stop the price decline, however; the market still feels a pull toward the low end.
Middle East tensions… but oil? Still fine.
- Negotiations for a Gaza ceasefire remain murky, but there’s no sign that the turmoil is shaking global supplies.
- Israeli forces are pushing back, with smaller ground raids and new air strikes, while the Westsides keep the horns on the southern Lebanon front ready.
- Though tensions are high, the oil traders seem to hold their breath rather than an emergency alarm.
